Nigerian President Bola Tinubu said on Friday that his government’s economic reforms and fiscal discipline are steering the country away from its cost-of-living crisis, as he signed the N55.99 trillion ($37.2 billion) 2025 budget.
Speaking at the budget signing, Tinubu emphasized the importance of spending within the nation’s means, boosting revenues, and attracting investment to support long-term growth.
“Our economy faced turbulence, but through bold reforms, we are now seeing tangible progress,” he said. “We will not mortgage Nigeria’s future with reckless borrowing. Instead, we are strengthening government revenue and leveraging private sector partnerships.”
Tinubu pointed to key economic gains:
- GDP growth reached 3.86% in Q4 2024, the strongest in three years.
- Government revenues jumped from N12.37 trillion ($8.2 billion) to N21.6 trillion ($14.3 billion).
- Fiscal deficit narrowed to 4.17% in 2025, down from 6.2% in 2023.
- Minimum wage increased to N70,000 ($46.59).
- Investor confidence was revived through foreign exchange reforms.
The 2025 budget prioritizes security, infrastructure, energy, healthcare, education, and social programs to ease economic hardship. Tinubu underscored the need for continued reform-driven growth to maintain stability and attract foreign capital.
With inflation still a concern, his administration is betting on fiscal discipline and investment-driven expansion to solidify Nigeria’s economic recovery.
